"Chinese economic growth remains impressive from an absolute sense, but the rate of growth has been waning and that has implications for commodity prices and therefore commodity producers," said Tim Caulfield, a vice-president and director of equity research at Franklin Bissett Investment Management.

"Commodity prices are holding in amid the Canadian dollar weakness, which is a best-case scenario for commodity exporters."

The March crude oil contract on the New York Mercantile Exchange gained 59 cents to settle at US$97.32 a barrel, its highest level so far this year. The TSX energy sector was down 0.01 per cent.